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Passport Information | Change of Address or Ownership | Frequently Asked Questions | Township Assessors FREQUENTLY ASKED QUESTIONS I bought my house in the middle of the year. Why do I have to pay taxes on a whole year? Property is taxed not the individual. Taxes are based on the calendar year and the prior year’s assessment. Prorating of the tax bill between the buyer and the seller, based on the length of ownership, is generally done at the time the property changes hands and is written into the contract. The new owner should read their closing papers for the prorated tax credit. |
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